Further Economic Support announced
Extension of Coronavirus Job Retention Scheme (CRJS)
As England enters into another national lockdown, the Chancellor has extended the Coronavirus Job Retention Scheme (CJRS) until the end of March.
The government will pay 80% of wages up to a cap of £2,500 and employers will pay employer National Insurance Contributions (NICs) and pension contributions and flexible furloughing will also be allowed.
All employers with a UK bank account and UK PAYE schemes can claim the grant and the employer nor the employee needs to have previously used the CJRS. However, under this extension, employees must be on an employer’s PAYE payroll by 23:59 30th October 2020 with an RTI Submission also made prior to the 30th October.
The Job Support Scheme will be introduced following the end of the CJRS.
Mortgage payment holidays have been extended beyond 31st October.
Borrowers who have been impacted by the coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being marked on their credit file.
Businesses required to close in England due to local or national restrictions will be eligible for the following:
- For properties with a rateable value of £15k or under, grants to be £1,334 per month or £667 per two weeks.
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month or £1,000 per two weeks.
- For properties with a rateable value of £51k or over grants to be £3,000 per month or £1,500 per two weeks.